VoucherCodes has released a new study that reveals the nation's spending habits. Working with Behavioural Psychologist Jo Hemmings, the research identified five different spending typologies.
They were the Pleasure-Seekers, Bargainistas, Impulsives, Tacticians and Traditionalists.
27% of Brits classed themselves as 'Pleasure-Seekers' than any other category.
Brits are 'Pleasure-Seeker Spenders.'
According to recent data, Brits carve out an average of 15% of their monthly wage to spend on living life to the full. Splashing their disposable income on eating out, holidays, new technology and the latest fashions.
The new study shows that our attitudes on how we spend differs dramatically, with the nation split into the five types of spender. Tacticians were identified as the second biggest group at 24% of the population, followed by Traditionalists 23%, Bargainistas 15% with Impulsives making up the smallest category 11%.
Pleasure-Seekers
The majority of Brits, 27% fall into the Pleasure-Seekers group. They love the thrill of a new purchase and hate coming home empty-handed from a shopping trip. Hitting the high street at least twice week, a true Pleasure-Seeker enjoys the experience as much as the purchase. They tend to be women under the age of 35 who enjoy fashionable, inspiring items, and prefer spending over saving, only putting money in their savings once they have satiated their appetite for a shopping spree.
22% of Brits admit they hate coming home empty-handed from a shopping spree.
5% of Brits state they shop for the thrill of a splurge.
25% of people in the South East admit they don't like going home empty handed.
23% of Brits admit they only save whatever's left at the end of the month.
Tacticians
Making up 24 per cent of the population, this group shops with military precision, only purchasing items when they really need them. They shop rarely but wisely, knowing where to find what they want, and tend to save their disposable income for big one-off purchases, shopping once a month or less. More likely to be men, they are tactical with savings, carefully checking their outgoings and allocating money accordingly.
10% of Brits save their disposable income for big, one off purchases.
13% of men save their disposable income for big purchases, compared to 8% of women.
Those from Yorkshire shop the most tactically, 15% saving up for one-off purchases.
23% of Brits check their outgoings each month and allocate money to savings accordingly.
Traditionalists
Making up 23 per cent of the population, Traditionalists are most at home on the high street or at their local butchers, preferring to shop in friendly places once a week. Lead by the over 55s, the group are more likely to be women and tend to be brand-loyal and fans of local, hand-made or natural produce rather than mass market items. They like to mix shopping with socialising, joining friends for coffee or lunch and are regular savers who like to ensure they have money in their account to fall back on.
25% of the over 55's admit they prefer to shop locally.
8% of Brits choose being with friends and family as their favourite thing about shopping.
Sociable Welsh are typical Traditionalists, 28% prefer to shop in local stores where they know the owners.
Bargainistas
Risk aware Bargainistas make up 15% of the UK, budgeting carefully across the month finding bagging a bargain the most satisfying part of shopping. They prefer online shopping, picking up non-essentials a couple of times a month and enjoy the thrill of minding their pennies, knowing they can afford to treat themselves occasionally. Most likely to be in their mid-thirties to forties, they are savvy when it comes to saving, carving out a chunk of their salary each month to ensure they have money put away for a rainy day.
24% of Brits find getting their hands on a bargain the most satisfying part of shopping.
29% love knowing that minding their pennies means they can afford to treat themselves occasionally.
Women are the savvier sex with 26% getting a kick out of bagging a bargain.
21% have a standing order set up to their savings each month.
Impulsives
Those in the impulsive category, 11% of the population, live by a 'want-it, buy it' mantra. Unable to resist the lure of a store, they fritter away their disposable income each month, snapping up things they just have to have. Shopping regularly, they often spend more than they have available and tend to hit the high street at least five times a week. Most likely to be under the age of 24, their erratic attitude to money dictates their approach to saving too, only putting money aside sporadically when they have it.
8% of Brits admit they fritter their money away each month.
17% of 18-24 year olds hitting the shops at least five times a week.
Northern Irish lead the way, being more inclined to fritter their money away, 15% more than other regions.
24% of Brits admit to only saving sporadically.
Anita Naik, Consumer Editor at VoucherCodes.co.uk, commented "Studying the nations' spending habits has revealed some valuable insight into the ways we like to shop and how this differs between the genders and regions. With online shopping now trumping the high street as our favourite retail destination, it's clear this has impacted our shopping habits over the generations, as younger people tend to shop more often and spend their disposable income as they go."
"Whether you're a Traditionalist or a Pleasure-Seeking Spender, there are lots of different ways you can streamline your spending and bag those bargains so you can enjoy the shopping experience for less and make your disposable income go further."
Behavioural Psychologist Jo Hemmings said "It is no surprise that Brits are now becoming more streamlined in their shopping types, with clear differences between behaviour in both gender and age ranges. With low interest rates often meaning more disposable income, sales throughout the year and the continued rise of online shopping, not only do we have the opportunity to treat ourselves more often, we also have the freedom to express our personalities through our shopping style."
Tagged in Lifestyle